Zomato commences liquidating its subsidiary Zomato Media Portugal: Report
According to the disclosure to the stock exchange, Zomato has started the liquidation process for its wholly-owned subsidiary, Zomato Media Portugal.
Zomato makes it clear that its Portuguese subsidiary is not a significant subsidiary and has no active business operations, which won’t have an impact on the company’s revenue or turnover.
According to the filing, ZM Portugal has a net worth of Rs 12 million ($0.14 million). The liquidation process will be finished in a month, provided all necessary approvals are received. Zomato has now started the liquidation process for its five subsidiaries, which are located in Indonesia, New Zealand, Australia, Jordan, and Portugal.
The stock price of the company increased 9% this month to reach a 52-week high. The food technology leader has not yet submitted its financial information for Q1 FY24. In FY23, it reported an increase in revenue of 68.9% to Rs 7,079 crore, and the company’s net losses decreased by 20.5% to Rs 971 crore.
